Dell has been trying to diversify its business to become more enterprise-focused in recent years, as the PC industry has faltered. It is a strategy already being taken by Dell rivals HP and IBM, the latter of which has gotten out of the PC industry altogether.

However, since it was taken private for $24.9bn by founder Michael Dell, Dell does not have the capital to finance a buyout of EMC on its own. Any talks around the acquisition will rest on what value financiers see in the deal.

EMC's shareholders, meanwhile, may welcome a deal. The company is currently under pressure from Elliot Management Corp, an activist investor which wants EMC to let go of virtualisation specialist VMware, which EMC owns a majority share in. EMC, however, has maintained that it does not intend to pursue a split.